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My hospital offers a basic policy, but you can purchase the better one for a couple of dollars more a pay period.
Also, my state has TDI(temporary disability insurance). This is taken out of everyones check in the state-like a tax. Usually for me it ends up being about 15.00 or so a check. Then, if you have surgery, illness or maternity leave, you apply for TDI. Whatever doctor you're receiving care from sends in the paperwork, and in a few weeks, you start getting a check for about 60% of your usual pay. I had a bout of Bell's Palsy in April and was out of work for about 1 month..it was nice to not have to worry how I was going to pay bills, and I didn't have to deplete my vacation bank. They will use your sick time first though-when that runs out, then you start with TDI.
Virtually all employer-sponsored policies will governed under ERISA. This means several things, not the least of which is that you cannot seek damages or bad faith relief under any circumstances. In addition, under ERISA, you cannot seek relief at the state level, you must file at the Federal level
Most employer-provided policies have a policy stipulation that allows for SSDI monies to be deducted from the benefit. This makes the policy more cost-efficient for the employer to provide.
If you want to purchase true disability coverage, your best bet is an individual policy, where you will decide on the features that you want your policy to contain. Individual policies are, as a rule, not governed by ERISA and thus can be arbitrated at the state level, leading to a quicker resolution of any issues. Personal policies can also be subject to bad faith claims/lawsuits.
And no, I'm definitely not an insurance salesperson. Just the wife of a disabled person, who has figured this all out the hard way.
I have my own individually purchased disability plan. I like to work PRN but full time hours and with my husband's job we tend to move every couple of years. I wanted a policy that would travel with me. My dad had ALS for 2 yrs before he died and his long term disablity plan helped out tremendously. I will NEVER go without disability insurance.
When I had a private disability plan it only covered me if I was ill/injured while at home. They said worker's comp would have to be the payer if I was injured at work.
Again, that is a feature of your policy (although I've never heard of that provision in a privately-issued policy) that you would have chosen to have or not. It all comes down to the premium that you want to pay. That's why employer-sponsored policies are so (relatively) cheap - they contain offsets for SSI, Workers Comp payments, other income.
My dad had ALS for 2 yrs before he died and his long term disablity plan helped out tremendously. I will NEVER go without disability insurance.
I'm a big believer in short term and long term disability insurance. My husband became eligible for LTD insurance when he was around 43. It was cheap, through his company. The chances of someone becoming actually *disabled* were not nearly as great as say, being in a car accident or needing a knee replacement so I thought, oh heck why not?
Well. Four years later DH got sick, really sick. Progressively sick. In and out of hospitals, on oxygen, multiple medical interventions. As a result of the demands of his illness, I was unable to work more that a couple days a week. Our whole life went out of control. If it had not been for LTD we would have lost the house, the cars, everything. It took over 3 years for him to be granted SSDI. In the meantime, LTD kept a roof over our heads and food in my kids' mouths. I will shout it to the mountaintops: BY HOOK OR BY CROOK, GET YOURSELF SOME DISABILITY INSURANCE. If you never use it, great. But in the event that something truly terrible happens you won't be completely left out to dry.